Ambac Financial Group, the bankrupt holding company for bond insurer Ambac Assurance Corp., filed a plan of reorganization in bankruptcy court this week, but quickly came under criticism from the Wisconsin regulator in charge of overseeing Ambac Assurance.

Ambac Financial, which voluntarily filed for Chapter 11 last November, has struggled to devise a plan that both Ambac Financial and the Wisconsin Office of the Commissioner of Insurance can agree on.

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